VERY GRAVE

Waihi Daily Telegraph, Volume XXVII, Issue 7960, 4 February 1930, Page 2

VERY GRAVE

FINUKCUI POSITION IN N.S. WILES LITTLE HOPE FOR LOANS ,f,' ■ ' J V v ■ WHILE COAL STRIKE LASTS Australian and N.Z. Cable. SYDNEY, Feb. 3.A conference was held during the week-end between the Prime Minister, Mr J. IL Scullin, the Federal Treasurer, Mr IS. G. Theodore, the Premier of New South Wales, Mr T. R. Bavin, and the State Treasurer, Mr B. S. Stevens, concerning the grave; financial position of New South Wales, due largely to the prolonged and disastrous coal dispute and the serious , decline in wool prices. The discussions were held in private.

Mr Bavin stated afterwards that \ the State's difficulty was In obtaining loan money for the continuance of public works. If the money for this purpose could not be obtained drastic retrenchment would have to , be considered. Finality, however, has not been reached. . The Prime Minister had emphasis'>m the desirability of finding a settle!fflpnt "of ;tfa'e djbal dispute as an incentive tot {he;,ihvestment of loan issues '.ifiid tlm yjreaioration of confidence in ’Australia. • ,Mr Scullin described the whole pfofolfem of obtaining finance for all the States as very serious. Th conference was not concluded.